Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 8.2bn, rose 1.9bn compared with the same period last year. Key positives came from lower selling expenses and lower finance costs. Offsetting pressure came mainly from higher administrative expenses, lower gross profit, weaker other profit, and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.97x
- P/B
- 0.79x
- EPS
- 2,007
- BVPS
- 20,234
- ROE
- 9.5%
- ROA
- 6.9%
- Market price
- 16,000 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, CPC has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Selling expenses
- Finance costs
- Administrative expenses
- Gross profit
- Other profit
- Financial income
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2026
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 22.4 | 80.1 | 15.8 | 63.5 | 11.9 | 83.7 | 17.0 | 70.7 |
| LNST | 0.9 | 2.6 | 0.5 | 4.2 | 0.6 | 0.3 | 0.5 | 4.8 |
| Net margin | 4.05% | 3.23% | 2.91% | 6.68% | 5.01% | 0.40% | 2.93% | 6.85% |
Revenue
22bnNet income
1bnNet margin
4.05%Inside the statements
A closer look at what is happening inside the business
A company's statements are read with the questions that fit its type of business.
Is the profit sustainable?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
What is driving the margin?
▲Net margin edged up to 4.51%, rising 1.1pp. Core operating signals are improving as SG&A / Revenue fell 1.5pp are enough to offset pressure from Gross margin fell 0.4pp (in addition, Net financial result / Revenue rose 0.8pp added support while Other profit / Revenue fell 0.5pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 4.51% +1.1pp
- Gross Margin
- 21.55% −0.4pp
- SG&A / Revenue
- 15.69% −1.5pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 1.8 days — working capital needs watching.
Is capital being deployed efficiently?
▲ROIC expanded to 9.28%, rising 1.7pp. That translates to 9.28 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.5pp, with capital turnover fell 0.44x; with invested capital holding roughly steady.
NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.
Balance Sheet
●ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.57x equity, net debt at 0.10x equity.
Inventory ended the period at 27.1bn, roughly 20.1% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
●Cash conversion cycle lengthened by 1.8 days versus the same period last year. The main moves came from DIO rose 5.5 days, DSO rose 0.9 days, and DPO rose 4.6 days.
Working capital cycle is flat — components are offsetting each other.
CCC stands at 92.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +0.9 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 7.3% to 9.5% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 16.2bn due to capex of 1.4bn — an investment choice, not an urgent risk.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.10x and interest coverage at 2.79x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 45.4% of debt, and total debt stands at 15.5bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.10x +0.11x
- Interest Coverage
- 2.79x +1.59x
- Cash / Debt
- 45.4% −69.1pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼Operating cash flow reached -35.3bn in 2025, against investing cash flow of 18.4bn.
Post-investment cash flow was negative +16.9bn. Financing cash flow was positive +4.6bn.
CFO / net income was −1,80 lần.
After spending +1.4bn on fixed-asset investment, the business generated trailing free cash flow of −16.2bn.
In summary
Research synthesis
What this reporting period is showing
The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 1.1 pp. The main risk still sits in self-funded cash generation remains weak.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 4.51% after expanding 1.1pp versus the same period last year.
- Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 16.2bn.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −0,9% YoY decline.
Ability to hold margins around the current 4.51% level.
Cash-flow quality, with operating cash flow currently at -35.3bn in 2025.
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